Annual report pursuant to Section 13 and 15(d)

Business Acquisitions (Tables)

v3.23.3
Business Acquisitions (Tables)
 12 Months Ended
Sep. 30, 2023
Business Combinations [Abstract]  
Schedule of fair values of assets acquired and liabilities assumed
The following table summarizes the consideration for the aforementioned acquisitions and the amounts of identified assets acquired and liabilities assumed as of September 30, 2023 (in thousands):
Alabama Acquisition (Provisional) North Carolina Acquisition Upstate South Carolina Acquisition (Provisional) Coastal South Carolina Acquisition Tennessee Acquisition Total
Cash and cash equivalents $ —  $ 33  $ —  $ —  $ —  $ 33 
Contracts receivable including retainage —  12,216  775  —  —  12,991 
Cost and estimated earnings in excess of billings on uncompleted contracts —  598  —  —  —  598 
Inventories —  1,314  189  484  1,101  3,088 
Prepaid expenses and other current assets —  421  137  —  241  799 
Property, plant and equipment 1,004  27,375  3,196  6,191  8,171  45,937 
Operating lease right-of-use assets —  —  433  —  —  433 
Intangible assets —  5,900  —  —  —  5,900 
Total assets 1,004  47,857  4,730  6,675  9,513  69,779 
Accounts payable —  3,718  —  —  —  3,718 
Billings in excess of costs and estimated earnings on uncompleted contracts —  2,329  —  —  —  2,329 
Accrued expenses and other current liabilities —  787  108  —  —  895 
Operating lease liabilities —  —  433  —  —  433 
Total liabilities —  6,834  541  —  —  7,375 
Goodwill 117  26,281  774  2,407  10  29,589 
Total purchase price $ 1,121  $ 67,304  $ 4,965  $ 9,080  $ 9,523  $ 91,993 
The following table summarizes the finalized consideration for the combined acquisitions during the fiscal year ended September 30, 2022, and the amounts of identified assets acquired and liabilities assumed (in thousands):
Provisional amounts as of September 30, 2022 Finalized amounts as of September 30, 2023
Cash and cash equivalents $ 1,168  $ 1,168 
Contracts receivable including retainage 9,016  9,016 
Cost and estimated earnings in excess of billings on uncompleted contracts 125  125 
Inventories 2,980  2,980 
Prepaid expenses and other current assets 213  239 
Property, plant and equipment 80,291  80,291 
Deferred tax assets 2,471  3,356 
Intangible assets 9,000  9,000 
Total assets 105,264  106,175 
Accounts payable 2,759  2,759 
Billings in excess of costs and estimated earnings on uncompleted contracts 3,123  3,677 
Accrued expenses and other current liabilities 6,100  8,631 
Unfavorable contract liabilities 7,900  8,500 
Deferred tax liabilities 282  282 
Total liabilities 20,164  23,849 
Goodwill 45,300  47,899 
Total purchase price $ 130,400  $ 130,225 
Schedule of pro forma revenues and net income
The following presents pro forma revenues and net income as though the acquisitions had occurred on October 1, 2020 (unaudited, in thousands):
For the Fiscal Year Ended September 30,
2023 2022 2021
Pro forma revenues $ 1,588,268  $ 1,412,313  $ 1,021,378 
Pro forma net income $ 48,923  $ 22,175  $ 20,976